By Denny Jacob
Shares of Sunlight Financial Holdings Inc. fell 30% to $3.10 a day after the company cut its 2022 outlook.
The technology-based point-of-sale finance company guided full-year 2022 revenue between $130 million and $140 million and adjusted earnings before interest, taxes, depreciation and amortization between $35 million and $40 million. dollars. Sunlight previously guided revenue between $145 million and $155 million and adjusted Ebitda between $55 million and $60 million.
The company also released its second-quarter results on Monday. Sunlight posted net income of $4.1 million for the quarter ended June 30, down from $5.2 million a year earlier. Adjusted earnings were one cent per share.
Total revenue increased from $26.9 million to $31.6 million. Analysts polled by FactSet expected $35.1 million.
“While our industry-leading custodian relationships and credit quality have provided a strategic advantage in a challenging macro environment, we expect materially lower near-term margins in our indirect channel to impact our performance. in the second half of 2022,” chief executive Matt Potere said.
Write to Denny Jacob at denny.jacob@wsj.com
